&DPOPN¦B/FHPDJPT 6/*%"%%&'0.&/50 "ZFS )PZ .B×BOB /% .0/&%"4&953"/+&3"4 %ØMBS0CTFSWBEP &VSP J DB "S 13&4&/5"/0'*$*"-.&/5&-"13016&45" #ÎP#ÎPBMJNFOUBSÎB DPOBHVBFMOPSUF DIJMFOPIBDJBFM "ZFSGVFSPOQSFTFOUBEPTMPTFTUVEJPTQSFMJNJOBSFTEFMQSPZFDUP "RVBUBDBNBRVFCVTDBMMFWBSFMSFDVSTPEFTEFMB%FTFNCPDBEVSB IBTUBMBT[POBTEFTFRVÎBQBSBVTPBHSÎDPMBNJOFSPZVSCBOP +BWJFS0DIPB4JMWBOJP.BSJBOJ DPOUBDUP!EJBSJPDPODFQDJPODM &OTÎOUFTJTFMQSPZFDUPDPO TJTUFFOMMFWBSBHVBEFTEFFMSÎP #ÎP#ÎPIBTUBMBT[POBTEFDVM UJWPEFMOPSUFPQBSBFMVTPJO EVTUSJBMFOMBTNJOFSBT"USB WÊTEFVOBUVCFSÎBTVCNBSJOB TFSÎBQPTJCMFUSBTMBEBSNF USPTDÙCJDPTEFBHVBQPSTF HVOEPVOWPMVNFOFRVJWBMFO UFBWFDFTFMUPUBMVUJMJ[BEP QPSMBDJVEBEEF$PODFQDJÓO QBSBFMVTPEPNÊTUJDP -BQSFTFOUBDJÓOEFMQSPZFD UPGVFSFBMJ[BEBQPSMBFNQSF TB GSBODFTB 7JB .BSJOB TP DJFEBEEFJOHFOJFSÎBZDPOT USVDDJÓO Z DVZP BDDJPOJTUB NBZPSJUBSJP FT 7JODJ $POT USVDUJPO(SBOET1SPKFDUTFN QSFTBRVFEJTFÒBZDPOTUSVZF PCSBT DPNQMFKBT FO UPEP FM NVOEPDPNPUÙOFMFTQVFO UFTQSFTBTZQMBOUBTOVDMFB SFT7JB.BSJOBFTQSPQJFUBSJP EFMEFOPNJOBEPTJTUFNB4VC NBSJWFSRVFQVFEFTFSVUJMJ [BEP QBSB FM USBOTQPSUF EF BHVBEVMDFUPNBEBEFTEFMB EFTFNCPDBEVSB EF VO SÎP QBSB TFS VUJMJ[BEB FO [POBT EFFTDBTF[EFMSFDVSTP 'ÊMJY #PHMPMJP VOP EF MPT TPDJPT GVOEBEPSFT FYQMJDÓ RVFEFOUSPEFMBTWFOUBKBTEF FTUFTJTUFNBEFTUBDBTVWJBCJ MJEBE FDPOÓNJDB ZB RVF FM DPTUP EFM USBOTQPSUF EFM SF DVSTPIÎESJDPFTNVZJOGFSJPS BMDPTUPEFMBTTPMVDJPOFTDMÃ TJDBTDPNPMBEFTBMJOJ[BDJÓO USBOTQPSUFQPSCBSDPDBOBMP UVCFSÎB UFSSFTUSF &O FM QSP ZFDUPEF7JB.BSJOBMBUVCF SÎBFTTVCNBSJOBZDPSSFFO QBSBMFMPBMB[POBDPTUFSB i-BDBOUJEBEEFBHVBBUP NBSEFCFSÃTFSBOBMJ[BEPQPS FMSFTQFDUJWP&TUVEJPEF*N QBDUP"NCJFOUBM&MQSPZFDUP DPOUFNQMB UPNBS VOB GSBD DJÓOSFEVDJEBEFMDBVEBMSFTJ EVBMDPOFMGJOEFMJNJUBSFM JNQBDUP SÎP BCBKP TPCSF MPT FDPTJTUFNBTEFMBTEFTFNCP DBEVSBTuTFÒBMB#PHMPMJP 5SBEVDJEPFODJGSBT -BJOWFSTJÓOUPUBMEFMQSP ZFDUPWBSÎBFOGVODJÓOEFMB EJTUBODJBZEFMDBVEBM$PTUB SÃFOUSFNJMNJMMPOFTEFEÓMB SFT QBSB QSPZFDUPT EF VOB TPMBFUBQBDPODBVEBMSFEVDJ #0-4"4%&7"-03&4 *QTB *HQB %PX+POFT /BTEBR #PWFTQB 65. 0DUVCSF *1$ 4FQUJFNCSF "OVBM UB BT H B UPG O " $ Ó JBQ Q P LJMPNFUSPT 6OBT°QFSDBSSFUFSBI¦ESJDB -BUVCFS¦BUFOES¦BVOBEJTUBODJBWBSJBCMFEF MBDPTUBEFVOPPEPTLJMPNFUSPTFO QSPNFEJPEFQFOEJFOEPEFMPTBDDJEFOUFT HFPHSGJDPT .&5304$¼#*$04EF BHVBQPESÃOTFSUSBTMBEBEPT QPSTFHVOEP&TPFRVJWBMFB WFDFTMPVUJMJ[BEPQPSMB DJVEBEEF$PODFQDJÓOQBSB VTPEPNÊTUJDP $&/5"704EFEÓMBS DPTUBSÎBUSBTMBEBSVONFUSP DÙCJDPEFBHVBIBTUBFM OPSUFEF$IJMF&MDPTUPEFMB FOFSHÎBSFQSFTFOUBSÎBTÓMP VOEFMUPUBM EP IBTUB NJM NJMMPOFT QBSB QSPZFDUPT MBSHPT $P QJBQÓ"SJDB EF WBSJBT FUB QBTZUPUBMJ[BOEPVODBVEBM NVZJNQPSUBOUF i&M DPTUP UPUBM EFM NFUSP DÙCJDPFOUSFHBEPFOEFTUJOP FTTJFNQSFNVZDPNQFUJUJWP JODMVJEP QBSB MPT USBZFDUPT MBSHPT&MDPTUPTFSFQBSUFFO USF BQSPYJNBEBNFOUF QBSB BNPSUJ[BDJÓO EF MB JO WFSTJÓOZQBSBHBTUPTPQF SBDJPOBMFTFOUSFMPTRVFEFT UBDBMBFOFSHÎB $POTVMUBEPFMNJOJTUSPEF 0CSBT 1ÙCMJDBT -BVSFODF (PMCPSOFTPCSFMBWJBCJMJEBE EFMQSPZFDUPÊTUFSFDPOPDJÓ RVFFTVOBJOJDJBUJWBNVZJO OPWBEPSBZRVFBIPSBIBCSÃ RVFFTUVEJBSFOEFUBMMF i4JQSPTQFSBSBQPESÎBNPT DPOWFSUJS OVFTUSP OPSUF FO VOWFSHFMZEFTBSSPMMBSFTBT SFHJPOFTQPSMPRVFIBZRVF TFHVJS BWBO[BOEP FO FTUV EJPT EF GBDUJCJMJEBE FDPOÓ NJDBZMMFHBSBDPTUPTDPNQF UJUJWPT)BCSÃRVFFTUVEJBS BEFNÃTMPEFMEVDUPSFDPS EBOEPRVFFTUBSÎBTPNFUJEB BDPSSJFOUFTTJTNPTUTVOB NJTUPEPMPRVFFTOFDFTBSJP EF FTUVEJBS FO VO USB[BEP NÃTFTQFDÎGJDPu $BCFEFTUBDBSRVF"RVBUB DBNBUPNBSÎBBHVBEFMBTEF TFNCPDBEVSBTEFSÎPTDPNP FM3BQFM.BVMFZ#ÎP#ÎP &M FTUVEJP FTUJNÓ RVF VO .VMUBOB5SBOTOFUQPSDPSUFEFTVNJOJTUSPFO"SBVDP -BFNQSFTBEFFMFDUSJDJEBE5SBOTOFUUFO ESRVFQBHBSNTEFNJMMPOFTQPSVO DPSUFEFTVNJOJTUSPFO"SBVDP-BNVMUBGVF DVSTBEBQPSMB4VQFSJOUFOEFODJBEF&MFD USJDJEBEZ$PNCVTUJCMFTRVFTBODJPO«DPO VOBNVMUBEF65.BMBFNQSFTBFM¢D USJDBEFUSBOTNJTJ«OQPSTVSFTQPOTBCJMJEBE FOMBJOUFSSVQDJ«OEFMTFSWJDJPPDVSSJEPFO OPWJFNCSFEFMBªPQBTBEP 4FH°OFMEJSFDUPSSFHJPOBMEFM4&$1BUSJ DJP7FM[RVF[MBTBODJ«OFTQPSMBiJODPSSFD UBPQFSBDJ«OEFTVTJOTUBMBDJPOFTMPRVFTF USBEVKPFORVFMBDBOUJEBEEFBGFDUBEPTGVF NBZPSBMPRVFDPSSFTQPOE¦BZBRVFTJIV CJFSBO PQFSBEP MBT QSPUFDDJPOFT IVCJF SBOTJEPBGFDUBEPTNJMDMJFOUFTw&O UPUBMFMBQBH«OBGFDU«BNTEFNJMQFS TPOBTEFMBQSPWJODJB %JBSJP$PODFQDJ«O.BSUFTEFPDUVCSFEF 5SBCBKBEPSFTDSFFORVFiWJFSOFTDBTVBMFTuMPTWVFMWFQSPEVDUJWPT EPTZQPSFOEFTPONÃTQSP EVDUJWPT &M FO UBOUP BGJSNBRVFMPTWJFSOFTDBTVB MFTTJSWFOQBSBNJUJHBSFMDBO TBODJPBDVNVMBEPFOMBTF NBOB&MUBNCJÊODSFF 4FHÙOVOBFODVFTUBSFBMJ [BEBQPS5SBCBKBOEPDPNB USBCBKBEPSFTDIJMFOPT FMBTFHVSBRVFDPOFTUF UJQPEFNFEJEBTMPTUSBCBKB EPSFTTFTJFOUFONÃTDÓNP P JB H U O 4B MD 5B B OD $P D FQ RVFFTCVFOPDPOUBSDPOFT UBTBDUJWJEBEFTZBRVFEBMB TFOTBDJÓOEFRVFTFBDPSUBMB TFNBOB4ÓMPVOEJDFMP DPOUSBSJPDSFFRVFOPFTCVF OPRVFMPTWJFSOFTTFBOiDB TVBMFTuZBRVFTFDPOGVOEF DPOMBJOGPSNBMJEBEZFMEF TPSEFO1FSPFMEFMPTFO DVFTUBEPTDSFFRVFFTQPTJCMF WFTUJSTFDBTVBMZSFGMFKBS QSPGFTJPOBMJTNP JÓO 1SPZFDUPNJMMPOBSJP &MNPOUPEFMBJOWFSTJ«OUPUBMWBS¦BEFBDVFSEPB WBSJBCMFTDPNPMBEJTUBODJBBDDJEFOUFTHFPHSGJDPTZ DBVEBMEFMS¦P-PTDMDVMPTQSFMJNJOBSFTFTUJNBORVF DPTUBSVON¦OJNPEFNJMNJMMPOFTEFE«MBSFTQBSB QSPZFDUPTEFVOBTPMBFUBQBDPODBVEBMSFEVDJEPIBTUB NJMNJMMPOFTQBSBQSPZFDUPTEFNBZPSFYUFOTJ«O QSJNFSUSBNPQPESÎBPQFSBSB GJOEFTJMBEFDJTJÓOEF MBO[BSFTUVEJPTDPNQMFNFO UBSJPT TF UPNBSB B GJOFT EF PQSJODJQJPTEF i&MGJOBMEFMQSPZFDUPNÃT MBSHP #ÎP #ÎP"SJDB TFSÃ B NÃTUBSEBSFMu %FUBMMBSMBQSPQVFTUB 1BSBFMEPDUPS0TDBS1BSSB EFM$FOUSPEF$JFODJBT"NCJFO UBMFT &VMB$IJMF FM QSPZFDUP QVFEFUSBFSHSBOEFTCFOFGJDJPT QFSP EFCFSÃ TFS BOBMJ[BEP FO QSPGVOEJEBE QBSB DPOPDFS BM EFUBMMFTVTJNQMJDBODJBT "HVBQBSBMBTNJOFSBT )BTUBNJMNJMMPOFTEFE«MBSFTQSFUFOEFOJOWFSUJS MBTNJOFSBTEFMOPSUFIBTUBFM&MEJMFNBFTMBGBMUB EFBHVBGVOEBNFOUBMQBSBMPTQSPDFTPTEFFTB JOEVTUSJB-B°OJDBPQDJ«OIBTJEPEFTBMBSBHVBEFMNBS BVODPTUPNVZFMFWBEP i&TJNQPSUBOUFBDMBSBSBM HVOBTJORVJFUVEFTDPNPQPS FKFNQMP RVÊ HBOBSÃ MB 3F HJÓOBMFOWJBSBHVBQBSBPUSBT SFHJPOFTZDVÃMTFSÃFMJNQBD UP FO OVFTUSP TJTUFNB BN CJFOUBMuFYQMJDB1BSSB &M BDBEÊNJDP EF MB 6EF$ SFDIB[B MPT BSHVNFOUPT EF RVFMB3FHJÓOUJFOFBHVBFO BCVOEBODJB Z RVF QBSUF EFM SFDVSTPTFQJFSEFFOFMNBS i&O QSJNFS MVHBS IBZ RVF EFTFDIBS MB UFTJT EF RVF FM BHVBTFQJFSEFFOFMNBSQPS RVFFTFSFDVSTPEFCFTFSFWB MVBEPFOUPEPTVDJDMPOBUVSBM "MSFUJSBSBHVBEFVOSÎPTFJO UFSWJFOFFOFMFDPTJTUFNBZ QPS FTP FT NVZ JNQPSUBOUF RVFTFIBHBOMPTFTUVEJPTRVF DPSSFTQPOEBO Z RVF FO FTF DBTPFTVOB&WBMVBDJÓO"N CJFOUBM &TUSBUÊHJDB 1PSRVF TFUSBUBEFVOQSPZFDUPFTUSB UÊHJDPuBEWJFSUF1BSSB 1PSTVQBSUF'ÊMJY#PHMPMJP BÒBEFRVFFMTJTUFNBiJNQVM TBFMEFTBSSPMMPFDPOÓNJDPZ TPDJBMu ZB RVF USBOTQPSUB BHVBCSVUBQBSBTFSVUJMJ[BEB EJSFDUBNFOUF FO GJOFT BHSÎ DPMBTFJOEVTUSJBMFTi"EFNÃT GBWPSFDF MB JOEFQFOEFODJB FOFSHÊUJDB FT QPDP JOUFOTJ WPFODPOTVNPEFFOFSHÎBZ FTIBTUBÓWFDFTNÃTCBSB UPRVFMBEFTBMBDJÓOuBTFWFSB 0QJOFFO DPOUBDUP!EJBSJPDPODFQDJPODM 58*55&3!%JBSJP$PODF